Fake Shibarium Token Pumped 251% on Shibarium Launch
- Scammers have targeted the Shiba Inu community by creating fake Shibarium Token and deceptive airdrops.
- The pseudo SHIBARIUM token climbed over 25% in the last 24 hours.
In an unsettling development that has sent shockwaves through the crypto space, scammers have set their eyes on the Shiba Inu community, leveraging their fraudulent tactics to create a fake “SHIBARIUM” token. This malicious action occurred following the launch of the much-awaited layer-2 solution.
The scam was first uncovered when a tweet from PeckShieldAlert exposed the nefarious activities of the scammers. Reportedly, the malicious actors forge a fake version of the Blur cryptocurrency. Their strategy involved deploying this Blur token on leading platforms including Coinbase, Justin Sun, and Yuga Labs.
Further, the scammers distributed these BLUR tokens to wallets associated with Yuga Labs, Justin Sun, and Coinbase. Their goal was clear: to mislead recipients into believing that the fraudulent tokens were legitimately connected to Blur’s ongoing airdrop.
Pseudo Shibarium Token
The scammers turned their attention to another popular project within the crypto community, SHIBARIUM. The timing of their actions coincided with an announcement by Shytoshi Kusama, the lead developer of Shiba Inu, who revealed the highly-anticipated Shibarium on August 16th.
Shytoshi Kusama’s disclosure was set to be accompanied by a series of informative articles about the new L2 network. It seems that the scammers seized this moment to exploit the growing interest and excitement surrounding SHIBARIUM.
Shibarium Token (SHIBARIUM) Price Chart (Source: CoinMarketCap)
Unsurprisingly, the scammers’ tactics yielded significant gains for the pseudo SHIBARIUM token. Following the launch, SHIBARIUM quickly made waves, trading at $0.02537 at the time of writing.
Also, its 24-hour trading volume surged to $3.65 million, showcasing the substantial market interest in the fraudulent token. In an alarming turn of events, SHIBARIUM’s price climbed by 251% within just 24 hours, with a staggering rally of 1622% over a mere three-day period.